Some Parallels Between Currency and Banking Crises: A Comment
AbstractComment: What Nancy Marion does in this paper is to present a cohesive survey of three strands of literature: the theoretical literature on currency crises, banking crises, and the more recent papers that have attempted to link the two. It is the "twin crisis" literature, which focuses on banking crises in open economy models, that the paper devotes the most attention to. Like the literature on currency crises, very different interpretations of the causes of the twin crises have been offered and this paper lays out some of the key differences between first generation models, which stress the role of economic fundamentals, and second generation models, which highlight the role of self-fulfilling crises and multiplicity of equilibria.
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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 13197.
Date of creation: 1999
Date of revision:
banking crises currency crashes;
Find related papers by JEL classification:
- F4 - International Economics - - Macroeconomic Aspects of International Trade and Finance
- F3 - International Economics - - International Finance
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